Question: Question 13 Consider the following payoff table that represents the profits earned for each alternative (A, B, and C) under the states of nature S1,

Question 13

Consider the following payoff table that represents the profits earned for each alternative (A, B, and C) under the states of nature S1, S2, and S3.

S1 S2 S3

A $60 $145 $120 B $75 $125 $110

C $95 $85 $130

Refer to the payoff table. Using the criterion of realism and an alpha value of 0.7, what would be the highest expected payoff?

a.$98.50

b.$ 119.50

c.$116

d.$ $127

Question 14

1) Consider the following linear programming model:

Max X12 + X2 + 3X3

Subject to:

X1 + X2 3

X1 + X2 1

X1, X2 0

This problem violates which of the following assumptions?

a.proportionality

b.linearity

c.divisibility

d.certainty

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